Hamburg real estate investor Dieter Becken spoke in a Handelsblatt interview about conversion projects and the state of the industry.
Becken explained how his group turned the former Galeria property Ringcenter 3 in Berlin into a fully rented Quartiercenter. “It works if you have an anchor tenant who attracts people all day long,” he said.
He named the Elbtower in Hamburg as his next major project. Becken is convinced that the center of Hamburg will shift southward.
Regarding the industry situation, Becken anticipates a longer crisis in the commercial market. For residential construction, however, he expects a recovery soon.